Photo courtesy of Port AuthorityThe Port Authority has issused a "request for interest" statement as it tries to attract investors for the planned Goethals Bridge replacement. STATEN ISLAND, N.Y. --- The Port Authority's got a bridge to sell you.

To help pay for the much-needed Goethals Bridge replacement while contending with a straitened budget, the agency is looking for an investor with extremely deep pockets to foot the bill -- somewhere between $1 billion and $1.5 billion -- for building the new bridge.Should public infrastructure, such as bridges, be private for-profit investments?online surveyIf funding support doesn't come through, the planned replacement -- expected to be completed by 2016 -- would be put on hold indefinitely.

Faced with $5 billion less in its capital budget to cover such big-ticket projects, the public/private partnership would allow private investors to finance the design, construction and maintenance of the new bridge, while leasing it back to the Port Authority for about 30 years. The authority would still operate the bridge and control its tolls, which, it is promised, would be identical to those at the PA's two other Staten Island crossings.

In turn, an investor would earn interest over the term of the lease and enjoy the relatively low risk of doing business with the Port Authority, which enjoys a good credit rating and a fairly predictable revenue stream.

The agency issued a "request for interest" today.

If no one comes forward to fund the project, the Port Authority will maintain the existing bridge, and Islanders will be stuck with its deteriorating roadway, dangerously narrow lanes and heavy traffic for the foreseeable future, until the economy rebounds or an alternate funding source is found.

The new funding arrangement would be the first of its kind in this region, though similar partnerships exist elsewhere in the country, according to the agency.

"With infrastructure needs growing and public resources shrinking, the Port Authority should be a leader in the kind of innovative infrastructure development that will meet our region's critical needs while protecting the public's interest," said Port Authority Executive Director Chris Ward. "We believe this structure will get us there and we look forward to the market's response to this first step."

The new bridge would feature a cable-stayed design, as presented during a series of public meetings held as part of the environmental review process. But aside from the basic design, the location of the new span and the traffic capacity it is required to accommodate, investors would be at liberty to incorporate efficiencies into the design as a cost-saving measure. But any changes would have to meet the Port Authority's quality standards, a spokesman noted.

Borough President James Molinaro said an investor could stand to make a decent profit on the arrangement, which he said he would support.